The Bulgarian Corporate Commercial Bank has confirmed that it has agreed to buy a majority stake in the country’s incumbent telco BTC, which operates under the brand name Vivacom, in partnership with the Russian company VTB Capital.
Quoted in Russia’s Kommersant, the bank’s owner Tsvetan Vasilev said the deal, worth up to €737 million, should be completed in September.
He added that further strategic investors in the company, including the likes of Turkcell (which recently failed in a bid for Vivacom) and Orange, could be found in the next three to five years.
Vivacom, which lists a DTH platform among its interests, has had a number of ownership changes in the last few years.
